tag:blogger.com,1999:blog-37583306783904191292026-04-10T03:25:52.139-04:00EconomicPolicyJournal.comRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger39782125tag:blogger.com,1999:blog-3758330678390419129.post-12222112759033831882021-06-05T00:03:00.000-04:002021-06-05T00:03:09.814-04:00Robert Wenzel - 1957 to 2021We are deeply saddened to announce the passing of Robert Wenzel. Robert passed away peacefully in his sleep on May 25th, 2021 in San Francisco, CA. He was 63.Robert was buried in a private ceremony for family and close friends at Tulocay Cemetery in Napa, CA on June 4th, 2021.In keeping with Robert's wishes, we plan on keeping both EconomicPolicyJournal.com and TargetLiberty.com live on the web Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com60tag:blogger.com,1999:blog-3758330678390419129.post-41713740680648985302021-05-25T00:01:00.001-04:002021-05-25T00:01:01.197-04:00Once Again, Former Treasury Secretary Larry Summers Warns About Price InflationThe Keynesian establishment economist, former Treasury Secretary Larry Summers, must be given credited for recognizing the price inflation tsunami headed our way.His understanding as to what is developing is much more reality-based than that of current Treasury Secretay Janet Yellen and Federal Reserve Board Chairman Jay Powell.Summers writes in a new Washington Post column: The Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com15tag:blogger.com,1999:blog-3758330678390419129.post-82536772654371218842021-05-24T15:04:00.003-04:002021-05-24T15:04:23.748-04:00Biden Drops Student Loan Forgiveness From Latest Budget"Call Congress on that thing."Joe Biden will not include any student loan cancellation in his annual budget, according to The Washington Post.It is all part of his desire for Congress to enact student loan cancellation through legislation.It is not exactly clear why he does not want to implement an executive order, when he has done so on so many other issues.
-RW
(adsbygoogle = Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com1tag:blogger.com,1999:blog-3758330678390419129.post-51244387756582578722021-05-24T14:44:00.004-04:002021-05-24T14:47:11.698-04:00Defending the Shopper Who Leaves the Shopping Cart in the Parking Lot See Dr. Block's discussion of litter in the private sector in Defending the Undefendable. Maybe people want their carts retrieved as a convenience---which may increase the number employed by a grocery store.To return the cart might cause a cart retriever to have to seek other employment, which would be less desirable because he chose the cart retriever job in the first place. -RW
Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com9tag:blogger.com,1999:blog-3758330678390419129.post-15961557190518305422021-05-24T10:16:00.006-04:002021-05-24T10:16:35.970-04:00Federal Reserve to Partner With MIT in Testing a Central Bank Digital CurrencyLael BrainardI reported over the weekend an unusual video surrounding digital currencies that Federal Reserve chairman Jay Powell made last week: Federal Reserve Board Chairman Powell in Unprecedented Video Issues Commentary on Digital Currencies.Now we have Federal Reserve Board Governor Lael Brainard following up this morning with a speech on digital currencies via webcast at the Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com3tag:blogger.com,1999:blog-3758330678390419129.post-33095005688670806402021-05-24T08:27:00.003-04:002021-05-24T08:27:23.517-04:00Yellen to Attend G7 Finance Ministers Meeting in LondonJanet YellenIn-person globalist plotting is back on.The Treasury Department has announced that Secretary Janet Yellen will attend the G7 finance ministers meeting in London from June 4-5, 2021. This will be the first overseas travel by Yellen since she assumed the Treasury Secretary position.
-RW
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Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-55393950774377761132021-05-24T06:00:00.001-04:002021-05-24T06:00:01.147-04:00Memo Urges Republican House Members to Play Up the Accelerating Price InflationAccording to Axios, a memo being sent out by Rep. Jim Banks (R-Ind.), who leads the Republican Study Committee, urges Republican House members to play up concerns about the accelerating price inflation and to pin it on the Biden Administration.From Axios: The document, carrying the subject line, "Tie Biden Agenda to Inflation," tells members to "explain to voters how inflation is Democrats’ Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com2tag:blogger.com,1999:blog-3758330678390419129.post-32318055144186341572021-05-24T00:01:00.020-04:002021-05-24T00:37:33.096-04:00Keynes Was a Cheapskate John Maynard KeynesLet's start the week off with some serious John Maynard Keynes bashing.
In April, 1989, Murray Rothbard did a great job bashing Keynes (the person) at a Mises Institute event held in Harvard Square, Cambridge, Massachusetts.
Although Rothbard gave Keynes a thoroughgoing over, he did not mention that Keynes was also a cheapskate despite the fact that on a Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-51810980586294670442021-05-23T11:00:00.001-04:002021-05-23T11:00:01.099-04:00An Introduction to Austrian School Business Cycle TheoryIn this edition of "This Week in Economics with Robert Wenzel," I discuss the boom-bust business cycle and the theory developed by Austrian school economists to explain it.
The podcast version is here. It is also available on your favorite podcast platform.
If your platform does not carry the podcast just enter this feed address to start following "This Week in Economics": Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-86344669924158388452021-05-23T00:01:00.001-04:002021-05-23T00:01:00.951-04:00Federal Reserve Chairman Powell in Unprecedented Video Issues Commentary on Digital CurrenciesJay PowellThe government appears to be getting ready to make a move in the digital currency arena.
For the first time ever, Federal Reserve chairman Jay Powell has issued a stand-alone video statement. The topic of the unprecedented video is digital currencies.In the video, Powell comments on cryptocurrencies, stablecoins and central bank digital currencies.Here are key snipetts:The effective Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com7tag:blogger.com,1999:blog-3758330678390419129.post-3746669159624946862021-05-22T10:54:00.002-04:002021-05-22T10:54:05.691-04:00This is What It Costs to Get New York Knicks Playoff TicketsTicketIQ found the average secondary-market price for seats to the Knicks’ first-round home games vs. the Atlanta Hawks at Madison Square Garden — $1,453 — is not only the most expensive opening-round NBA playoff price it’s ever tracked, but more expensive than any prior hoops series, excluding the NBA Finals, reports the New York Post.The Knicks have announced they will allow 15,000 fans into Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-3172595329742727362021-05-22T00:01:00.001-04:002021-05-22T00:01:01.178-04:007 Product Categories Being Slammed by Price InflationThe cost of grocery items has climbed 2.4% overall in the last year, but the jump in retail meat prices has been much more dramatic. Compared to April 2020, pork prices are up 11%, bacon prices are up 16.3%, and beef prices are up 4.8%. Poultry prices are 11% higher than last year. The price for wings, which hit a record $2.92 per pound is 180% higher than they were in early 2020. After Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-88650665685224690632021-05-21T11:36:00.004-04:002021-05-21T11:36:53.442-04:00Bitcoin Falls After China Calls for CrackdownBitcoin’s price is down Friday following an intensified call from Chinese authorities to crack down on mining and trading of the cryptocurrency, reports CNBC.In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system.The statement, released overnight, said it is necessary to “crack down on Bitcoin mining andRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-12939427553805109242021-05-21T07:47:00.002-04:002021-05-21T07:47:55.953-04:00The Latest Take On 'Problems with Modern Monetary Theory'I knew #MMT wasn’t good, and now I know exactly why! I highly recommend this quick and insightful read that devastes MMT with sound economic logic!Thanks @WenzelEconomics!!#Mises #AustrianEconomics #Rothbard #ABCT pic.twitter.com/bgD783kTHt— Chaos And Oceans: “CHALLENGE ALL ASSUMPTIONS!” (@ChaosAndOceans) May 21, 2021
Order from: Amazon Barnes & Noble Luluor order at Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com1tag:blogger.com,1999:blog-3758330678390419129.post-29743040306756816512021-05-21T07:26:00.003-04:002021-05-21T07:26:33.690-04:00U.S. Proposes Global Minimum Corporate Tax RateTreasury Secretary Janet YellenThe Marxist hate of business is flaring. The Empire is upping its push for a minimum global tax on businesses.Corporations around the world should pay at least a 15% tax on their earnings, the Treasury Department said Thursday as part of its push for a global minimum for businesses.The final rate could go even higher than that, according to a Treasury release that Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com4tag:blogger.com,1999:blog-3758330678390419129.post-83908085060535686512021-05-21T06:00:00.001-04:002021-05-21T06:00:01.181-04:00Guess Who Is Getting a Tattoo This Summer? Allison Reichel, third-year Economics PhD student at Geroge Mason University tweeted:
If inflation hits double digits I will get an M2 inspired tattoo. This is how certain I am that we will not see that this summer— Allison Reichel (@AllisonReichel) May 20, 2021She has left some wiggle room by not identifying what index she is using as her measure and what time frame but still a very Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com2tag:blogger.com,1999:blog-3758330678390419129.post-72393002470748431622021-05-21T00:01:00.002-04:002021-05-21T00:04:35.967-04:00This is Why We Are Experiencing So Many Bottlenecks in the EconomyThe bottom line is that when you shut down economies around the globe for good parts of a year, you are going to get all kinds of distortions. The economy is a finely tuned instrument. Clueless politicians may think it is a simple turn-off/turn-on situation. But it is about major changes in demand and some sectors of the economy where it takes time to adjust to the new supply and demand Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com3tag:blogger.com,1999:blog-3758330678390419129.post-39075361780753289842021-05-20T12:25:00.003-04:002021-05-20T12:47:19.922-04:00Trump and Partners Borrow $1.2 Billion at 2% Interest Rate555 California Street, San Francisco, CAHow much money is the Federal Reserve pumping out and what is it doing to interest rates? Former President Trump just issued the following statement:Trump has a 30% ownership stake in 555 California Street in San Francisco, whose senior partner is Vtnado.Proceeds were being used to refinance the skyscraper and to give Vornado and Trump a $617 million Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com1tag:blogger.com,1999:blog-3758330678390419129.post-83267304779845427712021-05-20T12:10:00.005-04:002021-05-20T12:10:52.567-04:00Lee Ohanian Advising Caitlyn Jenner Lee E. OhanianLee E. Ohanian, professor of economics, University of California, Los Angeles and senior fellow, Hoover Institution, Stanford University, and a pretty hardcore free-market economist, is advising Caitlyn Jenner on economic policy for Jenner's run for California governor.Some of his op-eds:“California's Solar Rooftop Mandate Doesn't Make Economic Sense”, San Francisco Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com2tag:blogger.com,1999:blog-3758330678390419129.post-60612736332834367002021-05-20T00:01:00.001-04:002021-05-20T00:01:01.026-04:00Conservative Group Launches Ads Attacking Woke CEOs and CorporationsConsumers’ Research, a conservative nonprofit organization, is taking aim at the woke corporations Nike, Coca-Cola and American Airlines and their CEOs, with a just released series of 30-second commercial spots that will air on national cable news.Take a look:
It really makes little sense for corporations to get involved in politics.As The Wall Street Journal comments in an Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com3tag:blogger.com,1999:blog-3758330678390419129.post-35555293425085686002021-05-19T15:47:00.005-04:002021-05-19T15:47:27.752-04:00Ford to Lose 50% of Q2 Production Due to Chip Shortage Ford Motor is looking to pause vehicle manufacturing at eight North American factories at different periods through the month of June due to an ongoing shortage of semiconductors, which is expected to cut the company's production outputs in the second quarter of 2021 by half, CNBC reports citing an obtained internal memo.In the second half of the year, the company is expecting to lose 10% of its Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com2tag:blogger.com,1999:blog-3758330678390419129.post-21542075299172240822021-05-19T11:00:00.005-04:002021-05-19T11:12:30.694-04:00 BITCOIN COLLAPSE
Bitcoin is down in price for a fifth-straight day.Currently, the price is down on the day by 18.6% to $35,106.00. Just weeks ago, the price was $64,829.14. It is now down more thna 40% from that record high.The collapse started days ago when Elon Musk first announced that Tesla would not be accepting bitcoin for car payments. He followed that up days later with Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com5tag:blogger.com,1999:blog-3758330678390419129.post-55914291453554152242021-05-19T00:01:00.002-04:002021-05-19T00:01:01.373-04:00How the Silicon Valley Chip Shortage is Leading To a Spike in Potato Chip PricesIt is going to get more expensive to be a couch potato. Hoosier AG reports:The biggest factor impacting the ability of U.S. farmers to produce the food we need has nothing to do with the weather, the markets, trade, regulations, or disease. The worldwide shortage of computer chips will impact all aspects of agriculture for the next two years and beyond. Almost every piece of farmRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com0tag:blogger.com,1999:blog-3758330678390419129.post-57591413875774064342021-05-18T14:45:00.005-04:002021-05-18T14:46:27.369-04:00Material Prices for Homebuilders Are Climbing So Fast That Builders Are Adding Escalation Clauses to Sales ContractsHousing prices are soaring and there appears to be no end to the advance. Prices are now accelerating at the fastest rate in over 15 years.A combination of lockdown-related bottlenecks, limited labor availability (thanks to over-the-top unemployment payments that give potential workers incentive to just stay home) and, most significant, massive printing of money out of thin air by the Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com2tag:blogger.com,1999:blog-3758330678390419129.post-46047227399435925472021-05-18T13:00:00.004-04:002021-05-18T13:00:45.811-04:00Hackers Behind U.S. Pipeline Attack Say They Lost Access To Ransom MoneySo much for the anonymity and protection of cryptocurrencies. The ransomware hackers can not be considered unsophisticated operators but...The operator of the ransomware group Darkside says it has lost control of its servers and some of the money it had received through ransom payments, Recorded Future threat intelligence analyst Dmitry Smilyanets reports."A few hours ago, we lost access to the Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.com7